Bitcoin dips marginally on Fed’s hawkish statement
Jerome Powell and his team at the Federal Reserve Bank in the US decided to keep interest rates at current levels, no surprise there, but hinted they may need to sustain the same levels into next year to keep a lid on inflation.
Stocks and cryptos dipped on these hawkish comments. Bitcoin is down marginally by 0.4%, again circling the $27k-level this morning, while Ethereum’s Ether is down 0.9%, trading for $1,619. Many of the large-caps are following a similar trend.
“Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. Inflation remains elevated,” the Federal Reserve said in a statement yesterday.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.07 trillion
🔻 0.56%
What Bitcoin did yesterday
🔺 Daily high $27,378
🔻 Daily low $26,851
Bitcoin market capitalisation
🟠 BTC $525.398 billion
🟡 Gold $12.846 trillion
💳 Visa $503.02 billion
Bitcoin volume
🪣 Total spot trading volume $13.8 billion
🔻 13.88%
SP500
🔻 0.94%
FTSE/JSE Top 40
🔻 1.74%
Fear and Greed Index
Bitcoin’s market dominance
📊 50.23
Relative Strength Index (RSI)
💪 60.52
Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.
📣 What they said yesterday
“Inflation has moderated somewhat since the middle of last year, and longer-term inflation expectations appear to remain well anchored as reflected in a broad range of surveys of households, businesses and forecasters as well as measures from financial markets,” Jerome Powell, Chair of the Federal Reserve Bank
Whether you’re a Bitcoin expert or a total newbie – or even somewhere in between – you can now join the new HODLers Telegram community to learn more …. or share your insights with others!
Our goal is simple: to provide a safe place where people can ask any question they want about Bitcoin, even if they think it’s a daft one! Learning Bitcoin takes time and we generally have the same questions when we first encounter it, so we know from our own experience having somewhere to ask a real person a specific question can be of great value!
There’s also access to great learning resources and, to cap it all off, we run monthly competitions to win great prizes such as tickets for events, VIP passes, exclusive access to talks and webinars or even just some Sats to add to your stack, all courtesy of our partners!
Even better, the whole thing is completely FREE!
So, if you’re a beginner, or know someone who is, take our fun five question multiple choice quiz and join the group today. Of course, if you’re an expert, you’re also welcome to join and help others who are looking to understand Bitcoin as an asset and the industry as a whole.
T’s and C’s: Open to UK residents only. All ages are welcome in the community, but you need to be over 18 to enter competitions. No purchase required.
All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] 🙏🏻
Crypto AM: Editor’s picks
FCA’s new crypto advertising rules met with mixed industry response
ChatGPT urges crypto conference panel not to become over-reliant on AI
Mt. Gox customers will have to wait until November to recover lost Bitcoin funds
Sam Bankman-Fried: A tissue of lies soaked with fake tears?
Three-in-four wealth managers are gearing up for more cryptocurrency exposure
Crypto.com granted FCA licence to operate in UK
Q&A with Duncan Coutts, Principal Technical Architect at IO Global
Jamie Bartlett – on the trail of the missing ‘Cryptoqueen’
MPs are falling silent over potential of cryptocurrency
Erica’s ‘Crypto Wars’ handed honours in Business Book Awards
Crypto AM: Features
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto on the catwalk
Crypto AM: Events
Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City PM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.